Fashion accessories brand Miraggio has raised $1.2 million in its pre-Series A round co-led by Seven Rivers Holding, and Magnetic.
The proceeds will be used to expand its product categories such as backpacks, wallets, and SLGs, marketing initiatives, including AR technology and collaborations with large format retailers.
Founded by Mohit Jain, Miraggio is a class of premium handbags focused towards giving sound to a new trend.
Since its inception in 2020, Miraggio claims to have 140% YoY growth and aims to achieve an annual recurring revenue (ARR) target of Rs 100 crore by 2024 and caters to about 2 million customers.
The Delhi-based brand recently received the Peta Vegan Fashion Award in 2023.
Seven Rivers Holding invests in both public markets and private equity/venture capital. Magnetic is an advisory lead investment firm that claims to have a portfolio of over thirty companies including six unicorns.